Member Alert: FHA Updates Frequently Asked Questions Regarding H4P Transactions

To: All NRMLA Members As we reported in last evening’s Weekly Report, NRMLA has been communicating with the Department of Housing and Urban Development on HECM for Purchase issues and asking for relief for those borrowers who may have made earnest money deposits ahead of the pending PLF changes. In response, the Federal Housing Administration this … more Member Alert: FHA Updates Frequently Asked Questions Regarding H4P Transactions

HUD Releases Updated HERMIT Software

The Department of Housing and Urban Development released new enhancements to the Home Equity Reverse Mortgage Information Technology (HERMIT) platform that servicers use to collect mortgage insurance premiums, file insurance claims and assign loans to FHA. Of particular note, HERMIT System Changes – Release 5.4 provides access to Death Master Files (DMF) from the Social Security Administration … more HUD Releases Updated HERMIT Software

HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

According to FHA Info #17-40, on September 18, 2017, the Federal Housing Administration (FHA) will update its FHA systems to accommodate: The implementation of origination and servicing policies contained in the Home Equity Conversion Mortgage (HECM) program final rule that published on January 19, 2017; The servicing implementation guidance issued in Mortgagee Letter 2017-11 on … more HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

Member Alert: FHA Adjusts PLFs and Mortgage Insurance Premiums

Citing its fiduciary responsibility to taxpayers and ensuring that its mortgage insurance programs remain viable and effective in the long term, the Department of Housing and Urban Development today announced changes to principal limit factors and mortgage insurance premiums with the publication of Mortgagee Letter 2017-12. Effective for case numbers assigned on or after October … more Member Alert: FHA Adjusts PLFs and Mortgage Insurance Premiums

Important Reminders and Helpful Tips for Using LRS

To assist lenders in their use of the Loan Review System (LRS), the Federal Housing Administration posted a Quick Reference Sheet on the LRS Information Page on HUD.gov. The LRS Quick Reference Sheet summarizes the most important information provided in the LRS User Manual; this information was also previously covered in FHA’s series of LRS … more Important Reminders and Helpful Tips for Using LRS

NRMLA Recommends Changes to HECM Loan Docs

Comments submitted by NRMLA to the Department of Housing and Urban Development this week recommended that the HUD 92900-A form be eliminated and other existing HECM loan documents updated to account for recent regulatory changes, such as financial assessment and non-borrowing spouse protections. “As a practical matter, the HUD 92900-A is a largely unusable HECM … more NRMLA Recommends Changes to HECM Loan Docs

HUD Secretary Focuses on HECM in Keynote Speech

Speaking before LeadingAge Florida, one of the state’s oldest and largest senior advocacy groups this week, Housing Secretary Ben Carson underscored his commitment to supporting HUD programs, such as the Home Equity Conversion Mortgage, that promote healthy living and financial independence. He acknowledged the growing popularity of reverse mortgages but also the challenges caused by … more HUD Secretary Focuses on HECM in Keynote Speech

Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal

FHA Info #17-27 was published this week as a reminder to mortgagees and appraisers that they must have and maintain a valid user ID for FHA Connection (FHAC) to access the Electronic Appraisal Delivery portal. Individuals who have not signed on to FHAC for 90 days lose their user ID and must be reinstated by … more Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal